Spark Notes
News & Updates from Spark Financial Services
December 2015
Happy Holidays from our Founder & CEO!
All the best,
Monique Bowens
monique@sparkfinancialservices.com
(214) 830-1944
TAX SEASON OPENS JAN 19, 2016
Yes, we PAY for referrals
New Partnerships!
A Little Tax Humor...LOL
December Tax Tip - Standard Deduction vs. Itemized Deductions
When tax season rolls around, many people show up to their tax preparation office with their W-2(s) and maybe a few dependents and take all of the allowable standard deductions available to them. This generally works WELL for most taxpayers but for some others, they could be leaving money on the table by NOT itemizing their deductions.
Generally, the IRS allows you to DEDUCT from your income '$X' amount of dollars depending on your filing status as a standard deduction. You can take this standard deduction that they GIVE you OR you can itemize. The IRS will allow you to take the GREATER deduction of the two.
2015 Standard Deduction by filing status
- Single - $6,300
- Married persons filing separate - $6,300
- Married persons filing jointly - $12,600
- Head of Household - $9,250
If the sum of your eligible itemized deductions will be MORE than your standard deduction as listed in the table above, you might want to look into itemizing to receive the best benefit. Head on over to the website to view the latest blog post regarding what is considered eligible itemized deductions.
Want to get in touch with us?
Email: monique@sparkfinancialservices.com
Website: http://sparkfinancialservices.com
Phone: 214-830-1944
Facebook: facebook.com/sparkfinancial
Twitter: @sparkfinancial